The US dollar fell, halting Wednesday’s bounce, as the return of the so-called debasement trade outweighed Treasury Secretary Scott Bessent’s affirmation of the strong-greenback policy https://t.co/dFMhkhfM0o ...

Gold surged to an all-time high above $5,500 an ounce, extending a breakneck rally fueled by US dollar weakness and a wider flight from sovereign bonds and currencies.Bullion jumped as much as 3.2% in early trading, building on a 4.6% leap in the previous session – its biggest one-day gain since the height of the Covid-19 pandemic in March 2020. Precious metals have risen dramatically this year on heightened geopolitical tensions and worries about the independence of the Federal Reserve, which have support ...

Ben, it is great to see you. So, precious metals continue to work. Ben, let's just start on gold.Remarkable run. Just to remind viewers, Ben. So, we break 4,000 October.Then, just over 100 days later, you smash 5,000. How do we make sense of this run, Ben. How do you explain it.And do we continue to move higher in 2026, Ben. >> Yeah. So, I mean, I think the short answer is we continue to move higher.And the reason is this is part of the debasement trade. Um, you know, I think last time we spoke around the s ...

Core Viewpoint - The significant rise in gold prices, surpassing $5,000 per troy ounce, is primarily driven by increased central bank buying and a shift in investor sentiment towards gold as a hedge against dollar debasement [1][5][12]. Central Bank Activity - Central banks have historically been the largest holders of gold, purchasing around 500 tons annually before COVID-19 [2] - Post-COVID, central bank purchases surged to approximately 1,000 tons per year, effectively doubling their buying rate [3] - This trend has continued, with central banks maintaining high levels of gold purchases, contributing to the current price surge [3][12]. Retail and Institutional Investment - Retail and broader investors, particularly in the U.S., have increasingly engaged in gold investments, particularly in the context of the dollar debasement narrative [5][12] - Gold ETF inflows reached record highs last year, nearing the levels of central bank purchases, indicating strong retail interest [4]. Portfolio Allocation - Investment firms are recommending a structural increase in gold allocations within portfolios, suggesting allocations between 5% to 15% depending on investor risk tolerance [10][13]. - There is a notable shift in institutional strategies, with some large banks adjusting their portfolio allocations to include a higher percentage of gold [9]. Economic and Geopolitical Factors - The U.S. has printed approximately 80% of all dollars since 2020, contributing to inflation and a rush towards hard assets like gold [15]. - Elevated geopolitical risks, such as the situation in Ukraine and recent unrest in Iran, have shifted investor sentiment away from U.S. treasuries towards gold as a safer asset [16][18]. Future Outlook - The current environment suggests that the dollar's status as the global reserve currency may be diminishing, with gold potentially taking its place [18]. - The outlook for gold remains positive, although returns may not mirror the historic surge seen in 2025 [11].

Gold (GC=F) continued to rise on Monday after breaking above $5,000 an ounce earlier than Wall Street expected. Futures hit the major milestone on Sunday while silver (SI=F) also soared at one point beyond $115, raising questions about the stunning speed of the rally in precious metals. Gold's surge has become a hallmark of the “debasement trade,” with investors buying assets to protect against the erosion of purchasing power amid soaring government debt worldwide. Silver has moved even more aggressive ...

Group 1 - Precious metals are experiencing significant gains, with silver surpassing $100 per ounce and gold exceeding $5,000 for the first time, driven by tariff threats from President Trump, central bank buying, and investor interest in the "debasement trade" [2][4] - The US dollar has hit a four-month low, primarily due to a rally in the Japanese yen, with the Invesco DB US Dollar Index Bullish Fund (UUP) declining by 4.7% over the past year, while gold (GLD) has surged by 79.1% and silver (SLV) has increased by 232.9% [4] Group 2 - The US government is set to finance USA Rare Earth Inc. (USAR) with $1.6 billion for a 10% equity stake, alongside an additional $1 billion in private financing to develop a Texas mine and a neo magnet factory, resulting in a 14% stock increase for USAR [5] - Leidos Holdings Inc. (LDOS) is acquiring ENTRUST Solutions Group for $2.4 billion, enhancing its engineering services business that supports electric and gas utilities, amid rising electricity demand driven by the AI boom [5]

Group 1: Market Overview - Sprott is evaluating structural changes in the commodities market following a strong year for gold and silver, indicating that commodities are becoming a core allocation influenced by politics and policy [1] - The report outlines three dominant themes: accelerating deglobalization, the rise of the debasement trade, and the continuation of a gold and silver bull market [2] Group 2: Deglobalization and Strategic Assets - Deglobalization is now a reality, with governments prioritizing sovereignty and supply security over cost minimization, placing commodities at the center of this trend [3] - Critical minerals and precious metals are being reclassified as strategic assets, leading to fragmented markets and regional shortages [4] Group 3: Inflationary Trends - The trend towards nearshoring and domestic production is inflationary, causing gold to regain its relevance as a reserve asset in a multipolar world, while silver benefits as both a store of value and an industrial input [5] Group 4: The Debt Conundrum - The debasement trade reflects a long-term shift from fiat currencies to tangible assets due to chronic government deficits that central banks must accommodate [6][7] - By 2025, U.S. public debt is projected to exceed $38 trillion, with little political appetite for austerity, complicating monetary policy independence [8] Group 5: Precious Metals Market - Gold is viewed as underowned despite its recent rally, with significant buying from central banks, particularly China, suggesting continued upside potential into 2026 [11] - Silver's role has evolved from a monetary asset to a critical industrial commodity, facing persistent supply deficits due to its production dynamics [12] Group 6: Emerging Opportunities - Uranium is identified as a cornerstone of energy security, supported by government funding for nuclear power and increasing demand driven by AI [14] - Copper is facing supply shortages due to electrification and grid expansions, while rare earths are seen as strategic bottlenecks influenced by geopolitics [15]

Core Viewpoint - Silver prices are experiencing a significant upward trend driven by a combination of industrial demand, speculative interest, and geopolitical factors, creating a "perfect storm" for higher prices [1][4][17]. Supply and Demand Dynamics - Silver is increasingly in demand for applications in solar panels, electric vehicles, and electronics, while supply is constrained due to China's export controls and a supply deficit of 230 million ounces in 2025 [2][18]. - The market is currently in backwardation, indicating that spot prices for silver are higher than futures prices, reflecting tight market conditions [7][8]. Market Behavior and Speculation - Speculative interest in silver has surged, with a notable increase in retail inflows into silver ETFs, reaching a record of $921.8 million recently [15][16]. - Futures traders are predominantly long on silver, with low short interest, indicating bullish sentiment in the market [20]. Price Movements and Historical Context - Silver prices have risen over 25% since the beginning of 2026, with some analysts predicting prices could exceed $100 per ounce [4][25]. - The recent price rally has been characterized by extreme volatility, with futures prices significantly above historical moving averages, reminiscent of past market events in the 1980s [24][25]. Geopolitical and Economic Influences - Escalating geopolitical concerns and heavy government debt loads in developed countries are contributing to the demand for silver as a hedge against economic instability [17]. - The migration of silver supplies from London to New York due to trade concerns has further tightened the market, impacting liquidity [10][11].

Wilson advises allocating 20% of one’s portfolio into real assets, including gold, as a hedge against inflation, replacing the traditional 60/40 stocks and bonds mix with a 60/20/20 split. He noted that the debasement story has gone mainstream.Gold is “basically an anti-fiat currency play now more than anything else,” said Mike Wilson, chief investment officer and strategist for Morgan Stanley. That view gained traction in the latter months of 2025, as the so-called debasement trade took hold and investors ...

for more on the metals trade. Daniel Galley, TD Cowan, commodity strategy uh director. And and Daniel, can you tell me for sure that there's uh that there's nothing uh technical or or short covering or nothing like that going on with silver.All the conspiracy theorists think that I mean, it reminds me I saw $50 silver 30 whenever it was. I I I can't even do the math. I'm so old.But uh you know during the Hunt Brothers what was that 19 when was that 1980 or something. >> 25 years. >> Yeah. Yeah.Exactly. >> A ...